All Forum Posts by: Brian Pink

Investment Info:

Single-family residence fix & flip investment in Webb City.

Sale price: $162,448

Complete remodel from head to toe! Open concept including 9' tall ceilings throughout the entire house! 2 living rooms, 3 bedrooms, 2 full bathrooms, eat in kitchen with french doors that lead out to a back porch with built in benches. Front wrap around porch, stained support pillars, black metal awning and great built in benches out back! We kept the historic "push button" light switches as well.

This had way more repairs than originally calculated, but turned out to be a fantastic result.

What made you interested in investing in this type of deal?

I knew the profit margins were there when I bought it and it's a very desirable school district.

How did you find this deal and how did you negotiate it?

This was an off market deal. I negotiated it like I do all other deals.

How did you finance this deal?

Conventional loan with construction loan for remodel

How did you add value to the deal?

added another bathroom, did nice finishes including soft close cabinets, recessed lights and desirable finishes in the master bathroom.

Lessons learned? Challenges?

hired and fired 3 crews. Learned how to be better with contractors. We ran into alot more than expected for renovation, but I came out on other side much wiser!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I'm an agent, so I bought it on my own and sold it on the market.

Investment Info:

Single-family residence fix & flip investment in Webb City.

Sale price: $162,448

Complete remodel from head to toe directly across the street from the Webb City Junior High! This house greets you with a great open concept including 8-9' tall ceilings throughout the entire house! It boasts 2 living rooms, 3 bedrooms, 2 full bathrooms, eat in kitchen with french doors that lead out to a back porch with the most amazing built in benches where you can relax and enjoy the good life! You'll love the style of this house with its front wrap around porch, stained support pillars, black metal awning and so much charm you'll bust! They were even able to keep the historic ''push style'' light switches!

This house has all-new roof, windows, subfloor, waterproof vinyl floor, soft close cabinets, appliances, siding, insulation, HVAC and duct work, light fixtures, tubs and showers, toilets, vanities..... so many updates!!! The back yard is very large and fully fenced in.

What made you interested in investing in this type of deal?

I knew the profit margins were there when I bought it and it's a very desirable school district.

How did you find this deal and how did you negotiate it?

off market deal. I negotiated like a normal deal.

How did you finance this deal?

Conventional loan with construction loan for remodel

How did you add value to the deal?

using comps.

What was the outcome?

tremendous amounts of work and profit.

Lessons learned? Challenges?

hired and fired 3 crews. Learned how to be better with contractors. We ran into alot more than expected for renovation, but I came out on other side much wiser!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I'm an agent, so I bought it on my own and sold it not he market.

I'm a real estate investor and real estate agent in Joplin Missouri. If you're looking to invest here, I can point you in the right direction for a manager, and help you source deals. 

What I usually do for distant investors is either facetime, or take videos of the houses.

I have flipped several houses and currently have five rentals, with 27 more rentals under contract, so I have decent eyes when looking at houses as investments. 

On mobile the picture isn't all there- thats annoying. Is there a way to attach a pdf? 

I'm fairly new to investing. I've done several flips, and currently have one rental that should be ready to rent in a week, but that hardly qualifies for me as a proficient investor. 

I'm currently deciding on whether or not to purchase a 37 unit package deal. I'd like to show my spreadsheet and have more proficient investors tell me what you think. 

Off the top, I already know I'm not going to buy this deal for what the seller is offering to sell for, the cap rate isn't quite high enough for me. I was considering making an offer at 12% cap rate, which is what I'll upload for you to see. 

My plan is to fix each house up to have them qualify for Section 8 housing to justify a higher rent rate and net more per year. I don't have the numbers on how much it'll take per property currently, but I would be buying this deal based off of current rental rates and leases. I have all lease agreements (12 months) - I'm getting taxes. 

I based the mortgage off 20 yrs at 6% with no down payment if you all were wondering. 

I don't know if you'll be able to see this chart or not. If there's a better way to upload it, please let me know. Thank you in advance! I love being a part of a community that helps each other!